OPEC raised its forecast for oil production in Russia in 2017

© RIA Novosti / Maxim to Bogodeeva in fotosannette conventional pumping unit. Archival photoOPEC raised its forecast for oil production in Russia in 2017© RIA Novosti / Maxim to Bogodeeva the image Bank

OPEC raised its forecast for production of oil and condensate in Russia in 2017 year by 10 thousand barrels per day compared with the August forecast, to 11.12 million bpd, it said in the September report of the organization.

In August, OPEC predicted oil and condensate production in Russia in 2017 at the level of 11.11 million barrels per day.

Compared to 2016 increased by 40 thousand barrels per day.

«Oil production in Russia in the first and second quarter of 2017 is estimated at 11,25 million barrels per day of 11.26 million barrels per day, respectively. Forecast OPEC quarterly oil production in Russia remained at the level of 10.98 million barrels per day in the third and fourth quarter of 2017 and first quarter of 2018,» the report says.

OPEC and a number of not members of the organization countries agreed in late 2016 on the reduction of its oil production to total 1.8 million barrels per day from October levels, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017 with possibility of extension. In may, its validity was extended for nine months until the end of March 2018.

OPEC raised its forecast for oil production in Russia in 2017© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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